Financial Data and Key Metrics Changes - The prospective customer pipeline now includes over 50 utilities with a total potential prepaid contract value of about $3 billion, indicating significant growth in contract value expectations [8][9] - The company forecasts signing contracts with proceeds over $200 million by the end of the fiscal year, with an expectation to collect approximately $300 million to $500 million in cash proceeds by fiscal year-end 2024 [9][19] - The company anticipates that the majority of contracts will be prepaid in full over the first 3 to 5 years, leading to earlier cash flow than previously expected [8][9] Business Line Data and Key Metrics Changes - The company has seen an increase in demand for its 900 megahertz low band spectrum, with additional companies applying for experimental licenses, including Tampa Electric and technology leaders like Ericsson [11][12] - The Anterix Active Ecosystem program has grown to over 50 technology leaders, indicating a robust collaborative effort to support private LTE networks [14] Market Data and Key Metrics Changes - The Senate's passage of the Infrastructure Investment and Jobs Act is expected to act as a catalyst for securing utilities' interest in Anterix's offerings, with billions earmarked to support broadband communications [17][18] - The FCC has granted the first broadband licenses for several counties of the initial customer, Ameren, marking a significant milestone for the company [19] Company Strategy and Development Direction - Anterix aims to become the de facto private wireless broadband solution provider to the utility and critical infrastructure sectors, focusing on modernizing America's electric grid [19] - The company is exploring low capital-intensive ways to build incremental value for shareholders, leveraging relationships within the ecosystem [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum and tailwinds from policymakers, emphasizing the importance of education and awareness in the utility sector regarding private LTE [18][19] - The company is optimistic about the future, with expectations of continued growth and the ability to monetize remaining spectrum value [9][19] Other Important Information - The company is actively working with utilities to explore use cases for private LTE networks, including applications for wildfire mitigation [66][67] - The relationship with Federated Wireless is seen as a strategic move to enhance the value proposition of Anterix's offerings [15][46] Q&A Session Summary Question: How do you count the $200 million of contract value? - The $200 million represents incremental contracts intended to be signed through the end of the fiscal year, with a diverse pipeline of over 50 utilities [21][22] Question: Update on Ameren and SDG&E? - Both Ameren and SDG&E are progressing well, with Ameren's first licenses granted by the FCC and ongoing planning for deployment [32][33] Question: Will utilities participate in upcoming auctions? - There is currently no significant interest from utilities in the upcoming auction, but the company remains open to future developments [38][39] Question: Details on the Federated deal? - The relationship with Federated is aimed at creating a complementary offering for utilities, enhancing the overall solution set [44][46] Question: Opportunities for Motorola Solutions beyond utilities? - While the primary focus remains on utilities, there is potential for complementary use cases in other critical infrastructure sectors [51][52] Question: Thoughts on rural broadband opportunities? - The company sees rural broadband as a complementary opportunity, leveraging existing utility infrastructure to support third-party communications networks [56][57] Question: Will the company consider becoming a REIT? - The company is examining the possibility of converting to a REIT, considering its federal NOLs and the potential for capital returns [70][72] Question: Reaction to the Canadian spectrum auction? - The company views the Canadian auction as a positive data point but emphasizes that it does not change the utility buying process [73][76] Question: Were utilities driving the Federated agreement? - The relationship with Federated was driven by Anterix's long-standing connection and the complementary nature of their offerings [78][80] Question: Will the company consider leveraging to accelerate capital returns? - The company is exploring various financial strategies, including the potential use of leverage, to optimize returns for shareholders [81][82]

Conference Call Details - Anterix (NASDAQ: ATEX) will release its third quarter fiscal 2021 financial results after the market closes on Monday, February 8, 2021[1] - An investor conference call will be held at 4:15 p.m ET that afternoon, interested parties can participate in the call by dialing 888-267-2845 and using the conference code 515024[1] - A replay of the call will be accessible on the Investor Relations section of Anterix's website at https://www.anterix.com/events/[1] Company Overview - Anterix is focused on delivering transformative private broadband that enables the modernization of critical infrastructure for the energy, transportation, logistics and other sectors[1] - Anterix is the largest holder of licensed spectrum in the 900 MHz band, with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico[1] - Anterix is uniquely positioned to enable the private LTE solutions that support secure, resilient and customer-controlled operations[1]

Financial Data and Key Metrics Changes - The company is experiencing strong macro demand and regulatory tailwinds, which are positively impacting its market position [7] - The recent C-band auction results indicate that spectrum values are increasing, supporting the company's spectrum negotiations [13] Business Line Data and Key Metrics Changes - The company has secured its first long-term customer contract, demonstrating the value of its nationwide spectrum asset to utilities [7] - The sales funnel is developing strongly, with expectations to sign 1 to 2 more customer agreements before the fiscal year ends on March 31 [8][12] Market Data and Key Metrics Changes - Utilities are increasingly committing to net zero carbon emission goals, planning to invest billions in modernizing the grid, which aligns with the company's offerings [14][17] - The company is seeing a movement towards private LTE adoption across the utility sector, driven by legislative and regulatory support [15][16] Company Strategy and Development Direction - The company is focused on expanding its customer pipeline and fostering industry awareness of the importance of private LTE for modernizing the electric grid [9][18] - The company aims to put 50% of its spectrum to work by 2024, with a focus on achieving its customer goals [33] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the future, citing strong customer interest and the potential for prepaid agreements to enhance cash flow [22][24] - The company acknowledges the challenges of predicting contract timing but remains confident in the positive trend line of future transactions [12][31] Other Important Information - The company is planning a virtual Investor Day to discuss the impacts of prepaid agreements and other aspects of its business model [25] - The company is becoming recognized as a foundational part of the clean energy ecosystem, which is critical for achieving grid modernization [43] Q&A Session Summary Question: Can you provide more detail on the funnel and prospects for upcoming deals? - Management confirmed continued progress in the sales funnel and expressed confidence in signing additional agreements soon [19][20] Question: Can you elaborate on customer interest in prepaying? - Management noted a growing preference for prepaid agreements, which would positively impact cash flow and funding needs [21][22] Question: What is the status of the Ameren contract? - The Ameren contract is awaiting Board approval, but management is confident in the positive momentum and commitment from Ameren [27][28] Question: Are you reiterating financial goals for 2022? - Management confirmed that financial goals remain intact, with adjustments expected based on the impact of prepaid agreements [32][33] Question: How do experimental licenses affect commercial licenses? - Management indicated that experimental licenses do not impair the ability to create commercial licenses [36][39] Question: What channels are most effective in reaching utility customers? - Management highlighted a multi-pronged approach, emphasizing the importance of engaging with the C-suite and industry events [40][41] Question: How does the Nashville incident affect utility interest in private networks? - Management noted that incidents like Nashville highlight the importance of private networks for utilities [58][60] Question: Are there potential revenue-sharing arrangements with vendors? - Management expressed optimism about exploring economic opportunities with vendors like Motorola [62][64]

Anterix Inc. (NASDAQ:ATEX) Q2 2021 Earnings Conference Call November 17, 2020 4:45 PM ET Corporate Participants Natasha Vecchiarelli - Investor Relations Morgan O'Brien - Executive Chairman Rob Schwartz - President and Chief Executive Officer Ryan Gerbrandt - Chief Operating Officer Tim Gray - Chief Financial Office Chris Guttman-McCabe - Chief Regulatory and Communications Officer ConferenceCall Participants Mike Crawford - B. Riley Securities James Ratcliffe - Evercore ISI Simon Flannery - Morgan Stanley ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36827 _________________________ ...

Anterix Inc (NASDAQ:ATEX) Q1 2021 Results Conference Call September 16, 2020 4:30 PM ET Company Participants Natasha Vecchiarelli - Investor Relations Morgan O'Brien - Executive Chairman Rob Schwartz - President & CEO Ryan Gerbrandt - COO Tim Gray - CFO Conference Call Participants George Sutton - Craig-Hallum Phil Cusick - JP Morgan Simon Flannery - Morgan Stanley Mike Crawford - B. Riley Securities James Ratcliffe - Evercore ISI Chase White - Height Analytics Operator Good afternoon, ladies and gentlem ...

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Anterix reported a net loss of **$15.1 million** for the quarter ended June 30, 2020, driven by a **$4.7 million** loss on intangible asset disposal and higher operating expenses [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$254.4 million** as of June 30, 2020, primarily due to a **$12.7 million** reduction in cash and cash equivalents Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 (Unaudited) | March 31, 2020 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $124,766 | $137,453 | | Intangible assets | $115,839 | $111,526 | | **Total Assets** | **$254,385** | **$267,397** | | **Liabilities & Equity** | | | | Total liabilities | $19,938 | $22,331 | | Total stockholders' equity | $234,447 | $245,066 | | **Total Liabilities and Stockholders' Equity** | **$254,385** | **$267,397** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Net loss for the three months ended June 30, 2020, increased to **$15.1 million**, primarily due to a **$4.7 million** loss from intangible asset disposal Statement of Operations Summary (in thousands, except per share data) | Metric | Three months ended June 30, 2020 | Three months ended June 30, 2019 | | :--- | :--- | :--- | | Total operating revenues | $256 | $453 | | Total operating expenses | $10,844 | $9,989 | | Loss from disposal of intangible assets | ($4,678) | $— | | Loss from operations | ($15,266) | ($9,536) | | Net loss | ($15,130) | ($9,374) | | Net loss per common share | ($0.88) | ($0.63) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by **$12.7 million** for the quarter, driven by **$9.1 million** used in investing activities and **$4.6 million** in operations Cash Flow Summary (in thousands) | Activity | Three months ended June 30, 2020 | Three months ended June 30, 2019 | | :--- | :--- | :--- | | Net cash used by operating activities | ($4,612) | ($9,030) | | Net cash used by investing activities | ($9,094) | ($247) | | Net cash provided by financing activities | $1,019 | $1,577 | | **Net change in cash and cash equivalents** | **($12,687)** | **($7,700)** | | **Cash and cash equivalents, end of period** | **$124,766** | **$69,022** | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the company's strategic shift to commercialize its 900 MHz spectrum, including significant license acquisitions and disposals - The company's primary focus is commercializing its 900 MHz spectrum assets for private broadband networks following the FCC's Report and Order on May 13, 2020[21](index=21&type=chunk) - In the quarter, the company acquired wireless licenses for **$9.0 million** in cash[55](index=55&type=chunk) - A loss of **$4.7 million** was recorded from the disposal of intangible assets after the company cancelled licenses to enable the Association of American Railroads (AAR) to relocate its operations, a requirement under the FCC's Report and Order[57](index=57&type=chunk)[58](index=58&type=chunk) - On April 1, 2020, the company transferred its pdvConnect customers to TeamConnect LLC, which will pay Anterix a portion of recurring revenues[43](index=43&type=chunk)[46](index=46&type=chunk) - The company acknowledges that the ultimate impact of the COVID-19 pandemic on its financial performance is highly uncertain but believes it has adequate liquidity for at least the next twelve months[105](index=105&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift to commercialize 900 MHz spectrum, estimating **$130-160 million** in license costs and reporting a **$15.1 million** net loss [Overview and Securing Broadband Licenses](index=33&type=section&id=Overview%20and%20Securing%20Broadband%20Licenses) The company focuses on commercializing its 900 MHz spectrum for private broadband networks, with estimated costs of **$130-160 million** to secure licenses - The company's primary strategy is to commercialize its 900 MHz spectrum assets for private broadband networks for utility and critical infrastructure customers[111](index=111&type=chunk) - The FCC's Report and Order on May 13, 2020, enables the 900 MHz band to be used for broadband deployment, a key milestone for the company's strategy[111](index=111&type=chunk)[132](index=132&type=chunk) - The company anticipates the combined total costs of securing broadband licenses from the FCC, including clearing costs, spectrum acquisitions, and Anti-Windfall Payments, will range from **$130 to $160 million**, with the majority to be spent by the end of fiscal year 2024[128](index=128&type=chunk)[161](index=161&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Operating revenues decreased **43%** to **$0.3 million**, while expenses rose **9%**, resulting in a **$15.1 million** net loss Operating Results Comparison (in thousands) | Item | Q1 FY2021 (ended June 30, 2020) | Q1 FY2020 (ended June 30, 2019) | Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenues | $256 | $453 | -43% | | Total operating expenses | $10,844 | $9,989 | +9% | | Loss from disposal of intangible assets | ($4,678) | $— | -100% | | Net loss | ($15,130) | ($9,374) | +61% | - General and administrative expenses increased by **$0.9 million (18%)** due to higher headcount, related costs, and consulting charges for FCC initiatives[142](index=142&type=chunk) - Depreciation and amortization increased by **$0.6 million (88%)** due to a change in the useful life of network sites[145](index=145&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended the quarter with **$124.8 million** in cash, with future license costs estimated at **$130-160 million**, and maintains a **$150 million** shelf registration - The company had cash and cash equivalents of **$124.8 million** at June 30, 2020[153](index=153&type=chunk) - Net cash used in investing activities was **$9.1 million** for the quarter, mainly due to **$9.0 million** in wireless license acquisitions[154](index=154&type=chunk) - The company filed a **$150 million** shelf registration statement and established a **$50 million** at-the-market (ATM) sales agreement to provide financial flexibility, but has not yet sold any securities under these programs[159](index=159&type=chunk)[160](index=160&type=chunk) - Management believes current cash on hand is sufficient to meet financial obligations for at least the next 12 months[161](index=161&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate sensitivity on cash, but the impact is not material, and there is no foreign currency risk - The company's main market risk is interest income sensitivity from changes in U.S. interest rates, but the impact is not considered material[163](index=163&type=chunk) - There is no exposure to foreign currency risk as all operations and transactions are denominated in U.S. dollars[164](index=164&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal controls during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[165](index=165&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that were likely to have a material effect[166](index=166&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is not involved in any material legal proceedings[169](index=169&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors since the last Annual Report on Form 10-K - No material changes have occurred in the risk factors since the last Annual Report filed on May 28, 2020[170](index=170&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) An amendment with TeamConnect, LLC finalized the transfer of pdvConnect customers, with Anterix receiving a portion of recurring revenues - On August 4, 2020, an amendment was made to the agreement with TeamConnect, LLC, finalizing the transfer of pdvConnect customers effective April 1, 2020. Anterix will receive a portion of recurring revenues in exchange[173](index=173&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents, material agreements, and CEO/CFO certifications